Odds are you know at least one millionaire. The rule of thumb is that with hard work, you can achieve anything in America. He owns about 90% of the franchise, which was most recently valued at a minimum of $1.15 billion. The Richest Black People In America 2021 | Celebrity Net Worth According to 2019 estimates, there are about 2,153 billionaires in the world and only 13 of them are Black. About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Source: Federal Reserve - Survey of Consumer Finances, 1989 - 20193, Source: U.S. Census Bureau - The Wealth of Households: 2017.6 Note this chart is in 2017 dollars. 28 Millionaire Statistics: What Percentage of Americans Are - LinkedIn The United States tops the list of countries with the most millionaires, with 20.27 million people whose net worth matches or exceeds one million USD. Moreover, respondents perceptions of the questions and their own racial and ethnic identity can change in response to individual circumstances and the way the nation sees race and itself. The largest fraction (43%) of millionaires in the US owns only one house. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. This is coincidentally quite close (less than a 2% difference) to the $435,340 gap in average net worth between married couples with kids and those without in the chart above. All displayed numbers are rounded. by state U.S. 2020, Number of households in the United States with one million or more U.S. dollars in investible assets in 2020, by state, U.S. states with highest ratio of millionaire households per capita 2020, American states with highest ratio of millionaire households per capita in 2020, U.S. metropolitan areas with the highest share of millionaire households 2020, Metropolitan areas in the United States with the highest share of millionaire households in 2020, by share of total households, Richest self-made women in the United States 2022, based on net worth, Richest self-made women in the United States in 2022, based on net worth (in billion U.S. dollars), Distribution of UHNW individuals by gender U.S. 2019, Distribution of ultra-high net worth individuals in the United States in 2019, by gender, Share of U.S. families who are millionaires 2016, by ethnicity, Share of families in the United States who are millionaires in 2016, by ethnicity, Number of billionaires in the United States from 1990 to 2020, Distribution of billionaires in the U.S. by gender 2022, Distribution of billionaires in the United States in 2022, by gender, States with the largest population of billionaires in the United States in 2022, Combined value of billionaire wealth in the United States 2020-2022, Combined value of billionaire wealth in the United States from March 2020 to November 2022 (in trillion U.S. dollars), Americans opinions on billionaires in the United States in 2022, Opinion of U.S. adults on whether billionaires are a good or bad thing 2021, by age, Opinion of adults in the United States on whether the existence of billionaires is a good or bad thing in 2021, by age, Opinion of U.S. adults on whether billionaires should pay a wealth tax by party 2020, Opinion of adults in the United States on whether billionaires should pay a wealth tax to reduce inequality in 2020, by political party, The world's leading billionaires as of December 2022, based on net worth (in billion U.S. dollars), Ultra high net worth individuals 2021, by country, Number of ultra high net worth individuals in selected countries in 2021, Share of the world's billionaires by region 2021, Share of the world's billionaires in 2021, by region, Global fastest growing markets for centi-millionaires 2022-2032, Fastest growing markets for centi-millionaires worldwide between 2022 and 2032, Cities with the highest number of UHNW individuals worldwide 2020, Cities with the highest number of ultra high net worth (UHNW) individuals in the world in 2020, Most affluent women worldwide 2022, by net worth, Wealthiest women worldwide as of April 2022, by net worth (in billion U.S. dollars), Youngest billionaires globally 2022, by net worth, Youngest billionaires in the world as of April 2022, based on net worth (in billion U.S. dollars), Value added to the wealth of the world's leading billionaires during pandemic 2021, Value added to the net worth of the world's leading billionaires during the COVID-19 pandemic from September 2019 to September 2022 (in billion U.S. dollars). The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF). The couple . Sales Partnership Solutions And how much of wealth overall do they control? FinanceBuzz.com does not make any credit decisions. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. In comparison, more than one in. About Leidesdorff, who had immigrated to the U.S. from the Danish West Indies, owned the . Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. The median age of multiracial Black people in 2021 was 20, making this the youngest subgroup of the Black population and significantly younger than the U.S. population overall (which had a median age of 38). Net worth tends to trend upward with age. There are seven Black billionaires in the United States. This large gap between white and Black families just starting out as homeowners may reflect different levels of parental wealth as Black families are much less likely to receive cash assistance from parents to meet down payment requirements. Hispanics made up 7% of the total . About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. A similar share (43%) was between 30 and 64 years old. 106, No. Feb. 6, 2023, 4 Things You Must Do Before The Next Recession. Learn more about how we make money and our editorial policies. Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. He was a minority investor in the team starting in 2006 and took control of the team in 2010. (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . Today, WWT has revenues of $12 billion and is one of the largest private companies and one of the largest black-owned businesses in America. But if it was that easy, wouldnt we be all millionaires? Smith is the first African American to sign the Giving Pledge. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively. He worked for Kraft from 1986 to 1992. The Multiracial population has changed considerably since 2010. According to the most recent data available, 76% of US millionaires were white or Caucasian. The number of foreign-born members of this group has increased from 250,000 people in 2000, but their share of the multiracial Black population has decreased from 16% in 2000. That news is bad enough, but according to the 24/7 Wall Street Special Report of the Top 10 Poorest Cities, Macon holds the distinction of being the poorest city in the nation. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. [Online]. It has grown from 1.5 million in 2000, marking a 238% increase. Roughly one-in-five (10%) Black Hispanic people lived in non-family households. In 2021, two-thirds (66%) of multiracial Black people in the U.S. were under 30, while about three-in-ten (28%) were ages 30 to 64. Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. The average net worth is largely dependent upon the total dollar value in the survey. As soon as this statistic is updated, you will immediately be notified via e-mail. An estimated 7.8 million Black families have a net worth of less than $10,000. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. That's not to say that she doesn't work hard for her success no one works harder than Oprah. Then you can access your favorite statistics via the star in the header. About 14% of the U.S. population is Black or African American. Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. 10. Credit Suisse Global Wealth Report A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. When we get into the workforce, money often flows from our jobs to pay hefty mortgage and student debt payments to keep up with the lifestyles of our colleagues. Over $80 million paid to members so far - how much can you earn. For the fourth quarter of 2019, total wealth in the U.S. was $111.04 trillion. That works out . WWT focuses on telecommunications networks and enterprise-wide conversion services. 8. Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. SistersInc. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. An estimated 47.2 million people in the U.S. identified as Black in 2021. Annalect. The most important key figures provide you with a compact summary of the topic of "Millionaires in the United States" and take you straight to the corresponding statistics. 25.8% of those with some college have student loans with an average balance less than half of the college crowd at $26,820. data than referenced in the text. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. In comparison, this same wealth gap was a factor of 12 in 2016 and a factor of 7 in 1989. Learn more about how Statista can support your business. Most self-made billionaires earned their first million dollars within five years. The term Black Hispanic is used to refer to those who self-identify as Hispanic or Latino and as Black, either alone or in combination with other races. Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. How old were they when they started accumulating serious wealth? The multiracial non-Hispanic Black population is the second-largest subgroup among Black Americans, with 5.2 million people accounting for 11% of the overall Black population in 2021. Just under half (47%) of the Black Hispanic population was below the age of 20, and 6% were 65 or older. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. There are 21,951,000 millionaires in the U.S., according to the 2021 Global Wealth Report by Credit Suisse. About 3.9 million members of this population are immigrants from other countries, meaning 10% of single-race Black people are foreign born in 2021. 41.4% of families under 35 held student loans with an average (mean) balance of just over $41,000. Why the huge difference between the average and the median? Today he brings home more than $100 million a year from his endorsement deal with Nike, alone. Black Men XCEL The most recent version of the SCF is from 2019. U.S. Net Worth Statistics: The State of Wealth in 2023 | FinanceBuzz She is a talk show host, actress, producer, pitchwoman, and philanthropist. So dont worry. WWT has more than 6,500 employees across 20 offices across the globe. For investors, real estate offers the biggest opportunity to develop wealth. There are 2,825 billionaires in the world and 664 of them are United States citizens. They own $173.3 trillion of wealth, according to the Global Wealth Report. Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. Jay-Z, Kanye West and Tyler Perry: The seven richest African Americans For more, read Faith Among Black Americans. 9. Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 As a Premium user you get access to the detailed source references and background information about this statistic. Who are the Black billionaires? - ajc There Are Only 7 Black Billionaires in the United States - Business Insider The median age of Black people in 2021 was 33 years, five years younger than the U.S. populations median age of 38. By 2030, millennials are expected to control five times as much wealth as they have now. A paid subscription is required for full access. This includes those who say their race is only Black and that they are not Hispanic; those who say Black is one of two or more races in their identity and they are not Hispanic; and those who say they their race is Black alone or who say that one of their races is Black but also indicate they are of Hispanic or Latino origin. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. Median household income increased across all quintiles from 2016 to 2019. What is the most expensive ZIP code in Mississippi? - 2023 Pretty much everything she touches turns to gold. Marital data was asked but not reported in the 2019 SCF. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. In a distant second is the Atlanta metro area, with 2.2 million, and then the Washington, D.C., metro area, with 1.8 million Black residents. So the US is definitely the country with the most millionaires. Well, our research shows that the number of millionaires will only grow in the future. In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities. You most probably still have time to become rich. Black people. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. How many millionaires are in the US in 2020? The vast majority (97%) of the Black population as of 2021 speaks either only English (89%) or, if they speak another language, say they also speak English very well (8%). Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Broader analysis shows that 52% of Black U.S. households earn less than $50,000, while 48% make $50,000 or more. 48.2 million. Roughly two-in-five (41%) members of the single-race Black population in the U.S. were under 30 in 2021. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. 17. 2. For example, the median net home equity for a respondent in the South is $100,000 versus $200,000 for the median net home equity in the West. 9 We need to allocate more money toward investing if we want to build wealth.. FinanceBuzz and CardRatings may receive a commission from card issuers.